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At what amount should P record its Investment in S

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Question - Company P acquired all of the outstanding common shares of Company S at a total cost of $890,000 in cash. At the acquisition date, S's identifiable net assets have total book value of $680,000 and total fair value of $920,000. At what amount should P record its "Investment in S" (in its own book) at the time of the acquisition?

a. $890,000

b. $680,000

c. $920,000

d. $0

e. (None of these)

Reference no: EM132772786

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